FREEZING INDUSTRY

Poverty Bay Herald, Volume LV, Issue 16874, 11 February 1929, Page 10

FREEZING INDUSTRY

"TOO MANY WORKS"

COMPANY'S SATISFACTORY YEAR

The 41.1 annual meeting of shareholders of the New Zealand Refrigerating I'u., Ltd., was held in Christchurch, Mr. H. A. Ivuight, chairman of directors, presiding.

Write 1 would have been very pleased

lit we could have reported much better I results," said the chairman in moving J the adoption of the. report and balanco- • sheet, "| think in the circumstances 'which have governed the trade that the [actual results cannot bo regarded as unsatisfactory. In my speech last year I staled thai a continuance of the 2i per cent', bonus was not to be expected. So long as there are more freezing works in existence than arc necessary to cope j with the stork, so long will the factories . be working below capacity, with consequential higher costs and lower margins of profit. Recent years have eliminated | some of the smaller works, but your <lirectors still foresee the possibility of I even more difficult tunes ahead, and are [ confident that they are right in maintaining the conservative policy which they have adopted. "The balance-sheet shows that there ! has been no alteration since last year jin the position of our share capital, secured debentures, and reserve accounts- . The items covering sundry debtors and creditors remain much the same as last. I vear, the former being increased by £5669 and the latter reduced by £4369,. representing an improvement so far as these accounts are concerned of over. £IO,OOO in spite of a larger turnover. 1 would only add that while we have on the liabilities side made every reasonable provision for contingencies, we have also valued our stocks on a thoroughly conservative basis. The valuation of our other assets stand at £BBI2 less than ; last year owing to the interest in the i Wanganui Co. shares. £12,103, having ; been written off altogether, and a small j addition to fixed assets, principally in land at lmlay. ! "The profit and loss account shows 1 that during the past year we have made a profit, of £45.145, which, after providing for the writing-oil above mentioned, I leaves a sum. of £53,042 to be added to the amount carried forward from, last | year, and provides the. sum of £76,260 j for our .appropriation this year. "We recomment the payment of.a 5 per cent, dividend, the remainder, which is approximately the same as last year, £44,445 being carried forward into next, j The arrangements made with the Wai- ' taki Farmers 1 Co. have been again renewed, and their debentures are still i held by us. An examination of our bal-anee-slieet will show that the profits for ; the year are equivalent to over 6 per ' cent, on the paid-up capital and reserves. I A similar analysis of the 15 companies' i balance-sheets, "which are all that are j available in-New'Zealand shows that'the I result has only been exceeded by two j North Island companies, one of which is j a fanners* compatiy not interested at all jin the purchase of' stock. All the other ! North and South Island companies with In total capital and reserves exceeding I £2,000.000 are only able to show ah 'average profit of about 4 per cent."